I was looking to lease my primary residence out while I travel for the next couple years.
One of the gentlemen who was looking to lease asked if I would be willing to sell. I told him if he would offer me xxx dollars, I would be willing to sell.
I guess that price was OK with him because he said his agent was writing up a contract for me to take a look at today.
I listed it myself (craigslist, zillow, etc. NO MLS) and he found my lease through zillow, he came and saw my house once without his agent, then again today with an agent.
My question, I imagine his agent is going to want some kind of commission.
All she has done, from what I can tell is help draft a contract. What is standard procedure here? I obviously don't want to pay her any commission at all, but it wouldn't be the end of the world if I gave her $1,000 or so.
You do not need to cooperate, nor are you required to pay a commission to the agent at all. You do not have a listing agreement and DO NOT sign one.
To be honest, a purchase agreement takes under 2 minutes to do... Given that your buyer has looked at multiple houses through the agent, the buyer will probably feel some type of obligation to ensure the agent is compensated. To make the deal go smoothly I would offer a transaction fee of $750 or $1000 to the agent (technically will be given to her broker)... depending on the size of the sale.
Wait until you see the offer, the buyer may have agreed to compensate her separately... in which case you have no obligation what-so-ever. Also, technically, without written consent (and still frowned upon) the buyer's agent cannot negotiate for a commission within your purchase agreement. The argument being that it is NOT in the buyer's best interest.
You can go the route of hiring a lawyer or closing company to prep the purchase offer (most of them will)... they are typically transaction based and will give you a cost estimate upfront.
Mitch Coluzzi, Contractor in IA (#C124035)
I would pay her up to one month rent. That would be what a PM manager would get paid and commission up to 3% if the lessor closes on the property. That in my head is fair for both parties.
Peter MacKercher, Real Estate Agent in MO (#2010004223)
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